The World Economic Forum's annual Global Competitiveness Index now places the UAE as the top-performing economy in the Arab world and in 12th place overall in the international standings. As The National reported yesterday, the UAE economy leapt up seven places in the 144-country index, which uses data from the UN, the International Monetary Fund and the World Health Organisation to compile its performance league table.
While occupying first place in the Arab world is an achievement in itself, the fact that the UAE is now jostling for position with recognised economic heavyweights such as the UK, Sweden, Denmark and Norway is of far greater significance and illustrates this country’s strong and stable commercial and social environment. Additionally, when it comes to the country’s institutions, the UAE came first in the world for absence of organised crime and third for both public trust in politicians and lack of regulatory burdens.
These achievements are the result of leadership by the government and are, as Sheikh Mohammed bin Rashid, the Prime Minister and Ruler of Dubai, said yesterday, “a tribute to federal and local teams working as one for the country’s progress”. It ought to be noted that progress is a never-ending road and an even higher ranking cannot be achieved without addressing some areas of concerns highlighted in the report.
One major shortfall is the take-up of primary education, where the UAE is ranked 98th, even though the country performed strongly in the higher education sector, ranking seventh. Having a decent primary education system is the foundation of creating a knowledge-based economy and should not be neglected amid the increasing focus on higher education.
Another area for attention is the health care system, demonstrated by the low rankings in life expectancy (41st) and infant mortality (44th). The UAE needs to make more efforts to develop its medical services and increase awareness among people about health issues – one of the reasons The National has launched its Healthy Living campaign. For those wishing to set up businesses in this country, a simplified regulation of the labour market and easier access to financial backing will help attract more entrepreneurs.
While much pride can be taken from such a strong overall showing, the country must continue to work hard to climb further up the overall league table and to maintain its position as the leading country in the region.